Melbourne’s construction market is now gaining pace again, with developers submitting plans across the CBD for a number of high-profile projects.
Melbourne developer Mirvac has submitted fresh plans for two large towers on a key city-grid corner site.
According to The Age, their $8 billion ASX-listed property trust will add another substantial 472 unit build-to-rent apartment block to its development portfolio if state planners approve changes to a master plan.
The BTR development is placed on the corner of Spencer and Flinders Streets, a site it purchased on Christmas Eve last year for $200 million.
The once Melbourne Convention Centre site will be converted into a build-to-rent tower which will be the third similar project Mirvac is pushing for in Melbourne.
Related news: Mirvac Secures Build-to-Rent Development Flinders West
In Southbank, OSK Property is aiming to fill its $400 m ‘Melbourne Square’ tower with new tenants.
The A-list 29-floor tower has been designed by Cox architecture and has 37,814 sq m of space with floor plates between 500 and 1907 sq m.
This project will include a 601-room 5-star Hilton convention hotel, childcare facilities, a wellness centre and a Woolworths supermarket. Two floors will cater for hotel guests, providing end of trip facilities including bike storage, lockers and showers.
Probuild, Multiplex, Icon and Lend Lease are vying to tender for this huge project.
Architecture and Design say that Australia’s changing housing market dynamics have seen the number of rental households increasing from 27 percent to 31 percent in the decade to 2014, representing half a million new units.
Planning Minister Richard Wynne recently approved four more major CBD developments: Beulah’s Green Spine tower at 118 City Road in Southbank, Charter Hall’s office at 555 Collins Street, Dexus’ development at 52-60 Collins Street and Pace’s apartments at 550 Epsom Road in Flemington.
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